Goodwill and Identifiable Intangible Assets, net (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Goodwill Balances by Segment Reporting Structure

The following table shows our goodwill balances by reportable segment: 

(In millions)	Food		Protective		Total
Gross Carrying Value at December 31, 2020	$	579.7	$	1,833.6	$	2,413.3
Accumulated amortization	(49.5)		(141.2)		(190.7)
Carrying Value at December 31, 2020	$	530.2	$	1,692.4	$	2,222.6
Divestiture(1)	—		(23.2)		(23.2)
Currency translation	(3.1)		(7.4)		(10.5)
Gross Carrying Value at December 31, 2021	$	576.6	$	1,803.0	$	2,379.6
Accumulated amortization	(49.3)		(140.9)		(190.2)
Carrying Value at December 31, 2021	$	527.3	$	1,662.1	$	2,189.4
Acquisition(2)	5.2		—		5.2
Currency translation	(9.6)		(11.0)		(20.6)
Gross Carrying Value at December 31, 2022	$	572.2	$	1,792.0	$	2,364.2
Accumulated amortization(3)	(49.0)		(140.7)		(189.7)
Carrying Value at December 31, 2022	$	523.2	$	1,651.3	$	2,174.5

(1)$23.2 million of goodwill was allocated to Reflectix, as part of the business divestiture. Refer to Note 5, "Acquisition and Divestiture Activity," for additional details.

(2)Represents the allocation of goodwill related to our acquisition of Foxpak. See Note 5, "Acquisition and Divestiture Activity," for further details.

(3)The change in accumulated amortization from December 31, 2021 to December 31, 2022 is due to the impact of foreign currency translation.

Summary of Identifiable Intangible Assets with Definite and Indefinite Useful Lives

The following tables summarize our identifiable intangible assets, net with definite and indefinite useful lives: 

	December 31, 2022						December 31, 2021
(In millions)	Gross Carrying Value		Accumulated Amortization		Net		Gross Carrying Value		Accumulated Amortization		Net
Customer relationships	$	99.5	$	(47.1)	$	52.4	$	102.7	$	(42.4)	$	60.3
Trademarks and tradenames	30.8		(14.4)		16.4		31.2		(11.5)		19.7
Software	147.7		(111.3)		36.4		125.5		(90.5)		35.0
Technology	67.0		(44.3)		22.7		64.9		(38.3)		26.6
Contracts	11.4		(9.8)		1.6		11.5		(9.4)		2.1
Total intangible assets with definite lives	356.4		(226.9)		129.5		335.8		(192.1)		143.7
Trademarks and tradenames with indefinite lives	8.9		—		8.9		8.9		—		8.9
Total identifiable intangible assets, net	$	365.3	$	(226.9)	$	138.4	$	344.7	$	(192.1)	$	152.6

Remaining Estimated Future Amortization Expense

The following table shows the estimated future amortization expense at December 31, 2022. 

Year	Amount (In millions)
2023	$	32.5
2024	25.4
2025	20.9
2026	9.1
2027	8.9
Thereafter	32.7
Total	$	129.5

Remaining Weighted Average Useful Life of Definite Lived Intangible Assets

The following table shows the remaining weighted average useful life of our definite lived intangible assets as of December 31, 2022. 

	Remaining weighted average useful lives
Customer relationships	9.6
Trademarks and tradenames	7.7
Software	2.2
Technology	5.0
Contracts	4.8
Total identifiable intangible assets, net with definite lives	6.4